Is neo 2.2 mod chip good enough - Dad newbie

[longshort]

I am looking to purchase my first mod chip for my kids PS 2 V4.

I found someone local in PA. who will install Neo 2.2. Chip and all for $50.

My question is this chip good enough to play cdr backups and dvd backups, dvd rips, and games from outside the US?

I am told I will need Gameshark 2 and it will be a swap method.

Any downside, Any better. All input appreciated.

LS